News in end use

Investment in building construction declined 0.9% to $19.7 billion (CAD) in January, with the residential component 1.4% lower at $13.6 billion.

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) increased 3 points to a reading of 51 in March.

The price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) increased 0.7% on a monthly basis in February.

Home sales recorded over Canadian MLS® Systems posted a 3.1% decline between January and February, CREA reported.

Housing starts for all areas in Canada increased 14% month-over-month to a SAAR of 253,468 units in February, the CMHC reported.

The level of commercial and multifamily mortgage debt outstanding at the end of 2023 was 2.8% higher than at the end of 2022, the MBA reported.

The University of Michigan Index of Consumer Sentiment declined slightly to a reading of 76.5, down from 76.9 in February.

The prices of goods used in residential construction, less energy, increased for the fourth consecutive month in February, the BLS and NAHB reported.

The Associated Builders and Contractors Construction Backlog Indicator declined to 8.1 months in February, down from 8.4 months in January.

The 30-year fixed-rate mortgage averaged 6.74%, down from last week when it averaged 6.88%, Freddie Mac reported.